Bain Capital likely to sell stake in Axis Bank through a block deal

Private investment firm Bain Capital is likely to sell a portion of its stake in Axis Bank on Tuesday through a block deal, according to media reports.

Media reports suggested and were conformed by some industry sources that Bain Capital will dilute a 1.24 per cent stake in the lender worth Rs 3,350 crore. The floor price is likely to be Rs 888 per share, a 2 per cent discount to Axis Bank's closing price on Monday.

The shares will be sold by BC Asia Investments, an affiliate of Bain Capital.

Bain Capital holds a 4.24 per cent stake in Axis Bank through its affiliates. Axis Bank's stock ended Monday's session at Rs 906, a gain of 0.32 per cent, and the lender commands a market capitalisation of Rs 2.78 lakh crore. The stock has gained 30 per cent on a year-to-date basis (YTD).